The platform will use the cash to support more small business owners across the UK, Germany and Poland.
Small business lender iwoca has secured a new £150m funding line, a blend of equity and debt capital, bringing the platform’s total funding to £350m.
iwoca’s most recent fundraising included a Series D equity round led by Augmentum Fintech, the listed fintech venture capital portfolio. NIBC Bank and other existing investors, including Prime Ventures, also participated. iwoca says it reached profitability in 2018, while doubling its revenue in each of the last three years.
Christoph Rieche (pictured left), co-founder and CEO of iwoca, says iwoca’s growth contrasts falling bank lending to small companies.
“We are on track to fund 100,000 small businesses in the next five years and our mission is to help one million small businesses succeed by opening up access to finance. This fundraise enables us to empower many more small businesses and we are excited that we could win Augmentum Fintech to join our next phase of growth.”
Rieche will be speaking at The AltFi London Summit on 18 March.
Join AltFi for its third annual Alternative Income Forum, exploring closed-ended funds (investment trusts) specialising in generating an income using alternative assets such as specialist finance, P2P lending, direct lending, asset leasing and more. Hear from the leading investors and fund managers in this rapidly growing market.